Fidelity Advisor Correlations

Mutual Funds . USA . 
Fund . Fidelity Advisor Financial
FAFSX Fund  USD 38.20  0.88  2.36%   
The current 90-days correlation between Fidelity Advisor Fin and Fidelity Freedom 2070 is 0.52 (i.e., Very weak diversification). The correlation of Fidelity Advisor is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Fidelity Advisor Correlation With Market

Almost no diversification

The correlation between Fidelity Advisor Financial and DJI is 0.9 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Advisor Financial and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fidelity Advisor Financial. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with Fidelity Mutual Fund

  0.85FPTKX Fidelity Freedom 2015PairCorr
  0.92FPURX Fidelity PuritanPairCorr
  0.92FPUKX Fidelity PuritanPairCorr
  0.73FPXTX Fidelity PennsylvaniaPairCorr
  0.84FQIFX Fidelity Freedom IndexPairCorr
  0.86FQIPX Fidelity Freedom IndexPairCorr
  0.86FQITX Fidelity Salem StreetPairCorr
  0.87FQLSX Fidelity Flex FreedomPairCorr
  0.87FRBDX Fidelity Freedom 2070PairCorr
  0.87FRBEX Fidelity Freedom 2070PairCorr
  0.88FRBHX Fidelity Freedom 2070PairCorr
  0.87FRBJX Fidelity Advisor FreedomPairCorr
  0.87FRBKX Fidelity Advisor FreedomPairCorr
  0.87FRBLX Fidelity Advisor FreedomPairCorr
  0.87FRBNX Fidelity Advisor FreedomPairCorr
  0.87FRBOX Fidelity Advisor FreedomPairCorr
  0.87FRBPX Fidelity Advisor FreedomPairCorr
  0.87FRBQX Fidelity Flex FreedomPairCorr
  0.86FRBUX Fidelity Freedom IndexPairCorr
  0.86FRBVX Fidelity Freedom IndexPairCorr
  0.86FRBWX Fidelity Freedom IndexPairCorr
  0.87FRBYX Fidelity Freedom BlendPairCorr
  0.87FRBZX Fidelity Freedom BlendPairCorr
  0.87FRAGX Aggressive GrowthPairCorr
  0.85FRAMX Fidelity Income ReplPairCorr
  0.86FRASX Fidelity Income ReplPairCorr
  0.84FRCFX Fidelity Freedom BlendPairCorr
  0.87FRCHX Fidelity Freedom BlendPairCorr
  0.87FRCJX Fidelity Freedom BlendPairCorr
  0.87FRCKX Fidelity Freedom BlendPairCorr
  0.87FRCLX Fidelity Freedom BlendPairCorr
  0.87FRCNX Fidelity Freedom BlendPairCorr
  0.87FRCPX Fidelity Freedom BlendPairCorr
  0.86FRCQX Fidelity SustainablePairCorr
  0.86FRCRX Fidelity SustainablePairCorr
  0.86FRCVX Fidelity SustainablePairCorr
  0.86FRCWX Fidelity SustainablePairCorr
  0.86FRCYX Fidelity SustainablePairCorr
  0.86FRDCX Fidelity SustainablePairCorr
  0.86FRDDX Fidelity SustainablePairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Advisor Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Fidelity Advisor's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.
Mean DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
FPTKX  0.26  0.05 (0.03) 0.25  0.10 
(0.32)
 0.52 
(0.51)
 2.69 
FPURX  0.50  0.02 (0.02) 0.11  0.55 
(0.51)
 1.27 
(1.12)
 3.79 
FPUKX  0.50  0.02 (0.02) 0.11  0.57 
(0.54)
 1.31 
(1.16)
 3.76 
FPXTX  0.07  0.01 (0.47)(1.08) 0.00 
(0.13)
 0.19 
(0.10)
 0.66 
FQIFX  0.31  0.00 (0.11) 0.08  0.32 
(0.38)
 0.69 
(0.69)
 1.77 
FQIPX  0.52  0.00 (0.03) 0.08  0.62 
(0.52)
 1.00 
(1.11)
 2.77 
FQITX  0.70  0.02  0.01  0.11  0.82 
(0.72)
 1.55 
(1.38)
 3.78 
FQLSX  0.55  0.04  0.02  0.14  0.61 
(0.56)
 1.07 
(1.14)
 2.69 
FRBDX  0.56  0.04  0.02  0.14  0.67 
(0.57)
 1.04 
(1.25)
 2.84 
FRBEX  0.56  0.04  0.02  0.14  0.67 
(0.57)
 1.04 
(1.25)
 2.80 

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